Bad economy yes -- Great Depression no
We hear some in the punditocracy likening the Obama economy to that of the Great Depression. Nothing could be further from the truth -- yet.
And while schemes introduced thus far by the Democrat Congress and Obama are eerily akin to those which prolonged the agony of the 1930s, America, for now at least, possesses the wherewithal to turn things around. We'll start that on the first Tuesday in November, 2010.
Thankfully, my parents and grandparents passed down their Depression-era experiences to my siblings and me, and we paid attention because their stories conveyed just how hard it was for everyone to "get by and make do," as they would often say.
From 1930 (following the October, 1929 stock market crash) to our December, 1941 entry into World War II, America was plagued by high unemployment (at times 25 percent), poverty, low profits, deflation, plunging farm incomes, hunger, and homelessness.
Most grievous of all, the entire nation and the American people lost more than ten full years of opportunities for economic growth and personal advancement. In this there may be similarity to the Obama economy if we could include loss of personal liberty during the depression.
To illustrate how bad conditions were for all and how desperate they were for many, B2J has provided a few Great Depression-era photos over at the B2Journal Blog. Some you may have seen, others may be new to you. All should remind you just how blessed even the neediest amongst us are in America today.
Hype and Chains.
Hat Tip to Gregg B for the email and photos.